More Articles

The Dispatch E-Edition

All current subscribers have full access to Digital D, which includes the E-Edition and
unlimited premium content on Dispatch.com, BuckeyeXtra.com, BlueJacketsXtra.com and
DispatchPolitics.com.
Subscribe
today!

Tuesday April 15, 2014 8:51 AM

CME Group, owner of the world’s largest futures market, was sued by three of its users who
allege the company sold access to order information to high-frequency traders ahead of other market
participants.

Traders William C. Braman, Mark Mendelson and John Simms claimed the owner of the Chicago
Mercantile Exchange and the Chicago Board of Trade perpetrated “a fraud on the marketplace,”
according to a complaint filed Friday in Chicago federal court.

Scrutiny of high-frequency trading and whether it gives some investors unfair advantage
intensified this year amid government probes and the March 31 publication of Flash Boys by Michael
Lewis.

While those examinations have focused mostly on U.S. equity markets, such as dark pools run
by banks and exchanges owned by companies such as Nasdaq OMX Group, high-frequency traders also are
active in futures markets.